APR refers to what you pay. APR indicates the total amount of interest you pay on a loan account, like a credit card or an auto loan, over one year. APR is based on the interest rate, but for some loans, it also takes into account points, additional fees, and other associated loan costs.
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Interest Rate vs. APR. Understanding the difference between APR and interest rate starts with knowing what each term means. What is an interest rate? When you take out a loan or credit card, the interest rate is the percentage of your outstanding balance which you pay to borrow the money.
APR vs. Interest Rate: Variable and Non-Variable. Along with the different types APRs, you can also have a variable or non-variable interest rate, which will have a direct impact on your APR. A non-variable interest rate means your rate stays the same indefinitely. It also means you have a non-variable APR.
NerdWallet recommends choosing the loan with the lowest APR for a given loan term, because it’s always the cheapest option. In some cases, it can make sense to choose the higher-interest-rate loan -.
· One is the interest rate and the other is the annual percentage rate (APR). If you’ve ever wondered why your loan has two different rates, and what those charges are, you’re not alone. One important note: With credit cards, only one rate is shown: the APR. This is because for credit cards, interest rates are stated as a yearly rate, called APR. APR is a periodic rate, expressed as an annual.
Annual Percentage Rate – APR: An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual.
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The APR takes those into account, so a mortgage with an interest rate of, say, 6% might actually cost you something like 6.15% a year. With credit cards, though, the APR is just interest.
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